NHAI encourages Paytm FASTag users to switch banks before March 15 deadline
In an effort to streamline travel experiences and avoid potential inconveniences at toll plazas, the National Highways Authority of India (NHAI) has advised Paytm FASTag users to transition to a different bank before March 15. This measure is in line with the recommendation of the Ministry of Road Transport and Highways to avoid fines or double charges when crossing national highways.
From March 15, 2024, Paytm FASTag users will no longer have the option to recharge or add funds to their accounts. However, they can continue to use their existing balances for toll payments after this date.
NHAI’s suggestion follows the guidelines laid down by the Reserve Bank of India (RBI) regarding Paytm Payments Bank. The RBI had earlier advised Paytm Payments Bank Ltd (PPBL) customers and merchants to consider transferring their accounts to alternative banks within the same time frame. This action allows PPBL customers the opportunity to withdraw or use their balances without any restrictions after March 15th.
To facilitate a smooth transition, Paytm has finalized arrangements with Paytm Payments Bank, transferring its nodal account to Axis Bank. This strategic move ensures the continuity of services such as QR codes, speakers and card machines after March 15, 2024, as determined by a central bank directive issued on January 31.
NHAI recommends Paytm FASTag users to contact their respective banks for any queries or assistance regarding the transition process. Additionally, users can refer to the FAQ section on the Indian Highways Management Company Limited (IHMCL) website for further guidance, according to the Ministry of Road Transport and Highways (MoRTH).
To deactivate your Paytm FASTag, log into your Paytm app, search for the keyword FASTag in the app, go to the ‘Manage FASTag’ option and there you will get the option to ‘Close FASTag’. Now apply for a new FASTag from your preferred bank.
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